Easy & Efficient Way of Bank Transfer

Bank Transfer Through Online Apps

Technology has undergone a splendid amount of change in past couple of decades. Not only has it led to a better and convenient lifestyle that continues to make lives easier for people, it does so with the minimum amount of effort and money. Customised options to shop for products of our choice and recharging phones without stepping out of the house are the need of the day. Another thing that has helped us in this race for innovations is how we do our bank transfer.

Earlier, we had to go to our banks at our nearest locations and go through innumerable steps to merely transfer or withdraw money from an account. Now, we can do that from the comfort of our houses through internet banking. Transferring money online has also become possible through apps like Paytm, PayPal and PhonePe.

Procedure of Online Bank Transfer Through E-Commerce Apps

With the advent of demonetisation, digital transactions have increased and this has brought about a revolutionary change in the way we conduct transactions. With E-wallets, RTGS and NEFT facilities, things are too convenient and less cumbersome for people who need regular transfer of money from one account to the other. With apps like Paytm and PhonePe, you just need to follow the below instructions for an effective bank transfer from the wallet to your account:

1) Create an account online through your email ID and registered mobile number. Create a strong password that could not be easily guessed by a third party. It is always safe to keep changing your password every month or so.

2) Open the app and look for the passbook option. This icon can be found on the home screen. It will display the current balance on your app and your transaction history.

3) Look for the Send Money to Bank option which you can find once you click on the account balance.

4) To ensure users’ privacy, the wallet ensures that you enter all the information pertaining to your bank account. Here you will be required to enter your complete name, the amount you want to transfer, your account number and the IFSC code.

5) The payment process will hence be completed and you will get a notification from the bank through a text message soon. In case you are using the service for the first time, it might take up to three days for a successful bank transfer.

Earlier, bank transfers were free but now, NEFT transfers are now chargeable. It might cost you anywhere from Rs. 2.50 to Rs. 25 along with the applicable taxes. Before you transfer money, you must also go through your bank guidelines and find out the maximum amount you can transfer in one go.